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Limassol, Cyprus - April 15, 2026 Castor Maritime Inc. (NASDAQ: CTRM) ("Castor" or the "Company"), a diversified global shipping and energy company, today announced its results for the three months and year ended December 31, 2025. Highlights of the Fourth Quarter Ended December 31, 2025: Total vessel revenues: $13.3 million for the three months ended December 31, 2025, as compared to $15.0 million for the three months ended December 31, 2024, or an 11.3% decrease; • Revenue from services: $9.2 million for the three months ended December 31, 2025; • Net income of $17.6 million for the three months ended December 31, 2025, as compared to a $32.7 million loss for the three months ended December 31, 2024, or a 153.8% increase; • Adjusted net income(1) of $5.2 million for the three months ended December 31, 2025, as compared to a $7.7 million loss for the three months ended December 31, 2024; • Earnings / (loss) per common share, basic: $1.21 per share for the three months ended December 31, 2025, as compared to ($1.24) per share for the three months ended December 31, 2024; • EBITDA(1): $23.5 million for the three months ended December 31, 2025, as compared to $(28.7) million for the three months ended December 31, 2024; • Adjusted EBITDA(1): $11.2 million for the three months ended December 31, 2025, as compared to $3.4 million for the three months ended December 31, 2024; • Cash and restricted cash of $152.8 million as of December 31, 2025, as compared to $87.9 million as of December 31, 2024; • On October 13, 2025, we and Toro Corp. ("Toro") agreed to the full redemption of 60,000 shares of our 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by us in September 2025 (the "Series E Preferred Shares"), for cash consideration equal to its stated amount of $60.0 million plus 0.523% thereof, including accrued and unpaid distributions; and • On October 13, 2025, we secured a $50.0 million sustainability-linked senior term loan facility with a five-year tenor. Highlights of the Year Ended December 31, 2025: • Total vessel revenues: $46.2 million for the year ended December 31, 2025, as compared to $65.1 million for the year ended December 31, 2024, or a 29.0% decrease; • Revenue from services: $35.6 million for the year ended December 31, 2025; • Net income of $21.5 million for the year ended December 31, 2025, as compared to $15.3 million for the year ended December 31, 2024, or a 40.5% increase; • Adjusted net income(1) of $14.5 million for the year ended December 31, 2025, as compared to $30.9 million for the year ended December 31, 2024; • Earnings per common share, basic: $1.13 per share for the year ended December 31, 2025, as compared to $3.50 per share for the year ended December 31, 2024; • EBITDA(1): $40.2 million for the year ended December 31, 2025, as compared to $29.7 million for the year ended December 31, 2024; • Adjusted EBITDA(1): $33.2 million for the year ended December 31, 2025, as compared to $52.3 million for the year ended December 31, 2024; • In addition to the full redemption of the Series E Preferred Shares, during the year ended December 31, 2025, the Company completed full repayment of its $100 million senior term loan from Toro; and • During the year ended December 31, 2025, the Company completed four vessel disposals. (1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definitions of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP Management Commentary for Fourth Quarter 2025: Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented: "In Q4 2025, stronger market rates combined with solid charter demand continued to support our positive long- term outlook for the dry-bulk sector. During the quarter, we initiated our second sale-and-leaseback transaction, thoughtfully incorporating leverage to enhance balance sheet efficiency and further optimize our capital structure, while also securing a $50.0 million sustainability-linked senior term loan facility. With a disciplined approach to funding and a strong balance sheet, we remain well positioned to capitalize on future opportunities and sustain value delivery." Earnings Commentary: Fourth Quarter ended December 31, 2025, and 2024, Results Total vessel revenues for the three months ended December 31, 2025, decreased to $13.3 million from $15.0 million in the same period of 2024. This variation was mainly driven by the decrease in our Available Days (defined below), from 1,180 days in the three months ended December 31, 2024 to 828 days in the three months ended December 31, 2025, representing a 29.8% decrease, following the sale of two dry bulk vessels and two containership vessels in the first and second quarters of 2025. The decrease was partially offset by an increase in prevailing charter rates of our vessels. Revenue from services for the three months ended December 31, 2025, amounted to $9.2 million and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG ("MPC Capital"). For the period from its acquisition on December 16, 2024, through December 31, 2024, MPC Capital contributed $1.2 million in revenue from services. Revenue from services is generated through the following streams: (i) transaction services and (ii) management services. Management services may be further subdivided into ongoing management services for investment structures and assets, and ship management services. There was an increase in voyage expenses to $1.4 million in the three months ended December 31, 2025, from $1.2 million in the same period of 2024, which was mainly associated with the increase in port and other expenses, partially offset by a decrease in brokerage commissions mainly due to the decrease in the revenue of our fleet. Vessel operating expenses decreased by $1.8 million to $4.5 million in the three months ended December 31, 2025, from $6.3 million in the same period of 2024, mainly reflecting the net decrease in the Ownership Days of our fleet to 829 days in the three months ended December 31, 2025, from 1,186 days in the same period in 2024. Cost of revenue from services for the three months ended December 31, 2025 amounted to $6.1 million and relates to expenses for purchased services from third party providers as well as employee and other operating expenses of our subsidiary, MPC Capital. Cost of revenue from services amounted to $1.1 million for the period from December 16, 2024 to December 31, 2024. Management fees in the three months ended December 31, 2025 amounted to $0.9 million, whereas in the same period of 2024, management fees totaled $1.3 million. This decrease in management fees is due to the net decrease in the total number of Ownership Days for which our managers charge us a daily management fee following the sales and acquisitions of vessels mentioned above, partly offset by a management fee adjustment for inflation under our Amended and Restated Master Management Agreement with effect from July 1, 2025. Depreciation and amortization expenses are comprised of vessels' depreciation, the amortization of vessels' capitalized dry-dock costs, property and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to $2.3 million in the three months ended December 31, 2025, from $3.6 million in the same period of 2024. The decrease by $1.3 million reflects mainly the decrease in the Ownership Days of our fleet following the sales of vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.5 million for the three months ended December 31, 2025, compared to a charge of $0.3 million in the respective period of 2024. This variation in dry-dock amortization charges reflects mainly the increase in aggregate amortization days resulting from the increase in the number of dry docks that our vessels underwent through the year ended December 31, 2025. More specifically, M/V Magic Starlight and M/V Magic Ariel initiated and completed their scheduled dry-dock during the second quarter ended June 30, 2025 and M/V Magic Celeste initiated and completed its scheduled dry-dock during the third quarter ended September 30, 2025. Further to the above, depreciation and amortization expenses for our asset management segment amounted to $2.0 million for the three-month period ended December 31, 2025, comprising property, plant and equipment depreciation and intangible assets amortization. General and administrative expenses in the three months ended December 31, 2025, amounted to $5.3 million, whereas, in the same period of 2024, general and administrative expenses totaled $8.5 million, which included $7.0 million in MPC Capital acquisition-related costs that were incurred during the three months ended December 31, 2024. This decrease was offset by an increase in professional fees and other expenses, audit fees and personnel expenses following the acquisition of MPC Capital. Loss on vessels held for sale in the three months ended December 31, 2024, amounted to $3.6 million, representing the expected loss from the sale of the containership vessel M/V Ariana A during the following twelve-month period (as assessed at the memorandum of agreement date). We did not record any loss on any vessels held for sale during the three months ended December 31, 2025. During the three months ended December 31, 2025 and 2024, we recorded a recovery of provision of doubtful accounts in the amount of $1.7 million and a provision of doubtful accounts of $4.8 thousand, respectively, reflecting reversals of previously recognized write-downs on receivables within the retail business of our asset management segment. Net loss from equity method investments in the three months ended December 31, 2025 and 2024, amounted to $0.1 million and $0, respectively, representing our share in jointly owned companies or equity method investments (all of which relate to the asset management segment). Results for the three months ended December 31, 2024 reflect data for the period from the acquisition of MPC Capital on December 16, 2024, through December 31, 2024. Net gain from equity method investments measured at fair value in the three months ended December 31, 2025 and 2024, amounted to $10.5 million and $2.7 million, respectively, resulting from the revaluation of such investments. These represent our shares in MPC Container Ships ASA ("MPCC") and MPC Energy Solutions N.V. for which we have elected the fair value option. Results for the three months ended December 31, 2024 reflect data for the period from the acquisition of MPC Capital on December 16, 2024, through December 31, 2024. During the three months ended December 31, 2025, we incurred net interest and finance costs of $0.5 million, compared to $26.5 thousand during the same period in 2024. The variation is primarily due to a decrease in interest income earned from our time and cash deposits due to lower average cash balances during the three months ended December 31, 2025, as compared with the same period of 2024. Other income in the three months ended December 31, 2025 amounted to $3.6 million and mainly includes (i) a gain of $0.8 million from our investments in listed equity securities, (ii) dividend income on equity securities of $0.8 million, (iii) dividend income of $0.4 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (the "Toro Series A Preferred Shares"), (iv) other net amounting to $2.3 million due to recoveries of prior year allowances and reversals of provisions and (v) foreign exchange losses amounting to $0.7 million. Other (expenses)/income, net in the three months ended December 31, 2024, amounted to $(25.6) million, which includes a loss of $28.0 million from our investments in listed equity securities, partially offset by dividend income on equity securities of $2.0 million and dividend income of $0.4 million from our investment in the Toro Series A Preferred Shares. The loss of $28.0 million from our investments in listed equity securities includes an unrealized loss of $24.1 million, mostly related to revaluing our investments in listed equity securities at period end market rates. Dividend income from equity method investments measured at fair value (related party) amounted to $3.6 million and $0 in the three months ended December 31, 2025 and 2024, respectively, and includes dividend income from MPCC. Recent Financial Developments Commentary: Liquidity/Financing/Cash flow update Our consolidated cash position (including our restricted cash) as of December 31, 2025, increased by $64.9 million to $152.8 million, as compared to our cash position on December 31, 2024, which amounted to $87.9 million. The net increase was mainly the result of: (i) $10.0 million of net operating cash inflows during the year ended December 31, 2025, (ii) a $61.9 million inflow of net proceeds from the sales of the M/V Ariana A, M/V Magic Eclipse, M/V Magic Callisto and M/V Gabriela A, (iii) $14.6 million of proceeds related to the sale and leaseback transaction of the M/V Magic Thunder, (iv) $51.6 million of proceeds primarily related to the new loan facility discussed below, and (v) net inflows of $56.7 million associated with the purchase and sale of debt and equity securities / investments, offset by (vi) net outflows of $21.1 million associated with the acquisition, disposition and return of capital from equity method investments, (vii) $102.8 million consisting of scheduled principal repayments under our existing credit facilities and financial liabilities, early prepayments due to sale of vessels and voluntary prepayments and $1.6 million related to payments of deferred financing costs, (viii) $4.6 million of dividends paid relating to our 5.00% Series D Cumulative Perpetual Convertible Preferred Shares, and (ix) $2.8 million for cash dividends paid to non-controlling interests. As of December 31, 2025, our total debt (including financial liabilities), gross of unamortized deferred loan fees (of approximately $1.4 million), was $85.6 million, of which $7.6 million is repayable within one year, as compared to $103.7 million of total debt (including financial liabilities), gross of unamortized deferred loan fees, as of December 31, 2024, a decrease mainly due to the prepayments made in connection with vessel dispositions and voluntary prepayments of our long term debt, offset by the sale and leaseback transaction of the M/V Magic Thunder and the new loan facility. More specifically, on March 24, 2025, March 31, 2025 and April 29, 2025, Castor made partial prepayments to Toro for its term loan amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date and fully repaid the loan. On July 29, 2025, we successfully completed a sale and leaseback transaction for the M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $14.6 million, has a duration of five years, and a purchase option for the Company, beginning at the end of the second year of the bareboat charter period. Additionally, on December 29, 2025, we entered into a sale and leaseback agreement for the M/V Magic Perseus, a 2013-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $15.6 million, has a duration of eleven years, including a put option for the counterparty at the end of year eight, and a purchase option for us beginning at the end of the second year of the bareboat charter period. The vessel was delivered to its buyers on January 22, 2026. As of December 31, 2025, only the proceeds from M/V Magic Thunder are included as financial liabilities in the consolidated balance sheets, as the transaction for M/V Magic Perseus was concluded after year-end. Recent Business Developments Commentary: Series E Preferred Shares On September 29, 2025, we agreed to issue 60,000 Series E Preferred Shares having a stated amount of $1,000 each to Toro for a total consideration of $60.0 million in cash. The distribution rate of the Series E Preferred Shares was 8.75%, paid quarterly. On October 13, 2025, we and Toro agreed to the full redemption of the Series E Preferred Shares for a cash consideration equal to the stated amount of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions. Following the full redemption, such Series E Preferred Shares were cancelled and no longer remain outstanding. The foregoing transactions and their terms were approved by the board of directors of Castor and Toro at the recommendation of their respective special committees of disinterested and independent directors who negotiated the transactions. New loan facility On October 13, 2025, we entered into a $50.0 million sustainability-linked senior term loan facility with a European bank. The facility is secured by, among others, a first priority mortgage over four of the Company's dry bulk vessels and is guaranteed by the Company. The net proceeds from the facility will be used for general corporate purposes. The facility has a tenor of five years and bears interest at a rate of Term SOFR plus a margin, which may be adjusted based on the Company's performance against certain sustainability-linked targets. Full report About Castor Maritime Inc. Castor Maritime Inc. is a diversified global shipping and energy company, with activities directly and indirectly in asset management, vessel ownership, technical and commercial ship management and energy infrastructure projects. Castor's fleet comprises 9 vessels, with an aggregate capacity of 0.6 million dwt. Castor is also the majority shareholder of the Frankfurt-listed asset manager MPC Munchmeyer Petersen Capital AG. For more information, please visit the Company's website at www.castormaritime.com. Information on our website does not constitute a part of this press release. Castor Maritime press release 
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